Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Westminster College (the College) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets or cash flows of the College. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICY Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The College has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance, but instead uses a federally negotiated rate.
FEDERAL PERKINS LOAN PROGRAM (84.038) - Balances outstanding at the end of the audit period were 693464.